Northern Spirits IPO – Review, Allotment, Subscription, GMP & DRHP

Northern Spirits Limited is into the liquor business. Northern Spirits is engaged in the business of importing and distribution of Whisky, Vodka, GIN, Red and white wine, Beer, tequila etc. Northern Spirits has chosen New Delhi (NCR) as its business capital, the place that constantly brews promises for the liquor entrepreneurs. Northern Spirits IPO comprises public Issue Initial public offer of up to 43,02,000 Equity Shares of Face Value of Rs. 10/- each.

Let’s have a detailed review of the company and analytics of the Northern Spirits IPO release date, IPO offer price, subscription, Northern Spirits IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.


Northern Spirits IPO Review & Ratings

IPO Ratings & Review
CriteriaRatings
Industry Sentiments8.5/10
Industry Ranking7.8/10
Company Background7.9/10
Company Reputation7.9/10
Competitive Edge7.7/10
Financial Statements7.8/10
Popularity Index8.4/10
Promoters Reputation7.7/10
Retail Appetite7.9/10
Top Brokers Review7.9/10
Overall Ratings8.1/10
Star Ratings★★★★☆

Summary of Northern Spirits IPO

Northern Spirits IPONorthern Spirits Limited is engaged in the liquor business. Northern Spirits has chosen New Delhi (NCR) as its business capital, the place that constantly brews promises for the liquor entrepreneurs. This Company has been enjoying a business growth of around 40% YOY for last 4 years. Initial public offer of up to 43,02,000 Equity Shares of Face Value of Rs. 10/- each.

From FY 2015-16 to FY 2017-2018, as per the Restated Financial Statements,

  • During the FY 2017-18 the total revenue of the company increased to Rs. 2,589.29 Lacs as against Rs. 1,736.43 Lacs in the FY 2016-17, representing a increase of 49.12 % of the total revenue. This increase was mainly due to increase in revenue from operations. During the FY 2016-17 the total revenue of the company increased to Rs. 1732.25 Lacs as against Rs. 321.83 Lacs in the FY 2015-16, representing an increase of 438.26 % of the total revenue. This increase was mainly due to sale of products.
  • The net asset value per Equity Share was Rs. 70.64 and Rs. 69.80 as of June 30, 2018 and March 31, 2018, respectively, as per the Restated Standalone Financial Statements and Rs. 77.14 and Rs. 76.19 as of June 30, 2018 and March 31, 2018, respectively, as per the Restated Consolidated Financial Statements.
  • The Net Worth of the Company as per the Restated Financial Information as of on March 31, 2018 is Rs. 617.32 Lakhs and as on 30th September 2018 is Rs. 3367.66 Lakhs.
  • Profit after Tax for FY 2017-18 has been increased to Rs. 100.64 Lacs from Rs. 53.24 Lacs representing increase by 89.04 % from FY 2016-2017. Profit after Tax has increased due to comparative increase in revenue than expenses. Profit after Tax for FY 2016-17 has been increased to Rs. 53.24 Lacs from Rs. -50.85 Lacs from
    FY 2015-16. Profit after Tax has increased due to comparative increase in revenue than expenses.

The Promoters of this company are Mr. Kulbir Bakshi, Mr. Anuj Bakshi and Mr. Ankush BakshiThe lead manager to the issue is Finshore Management Services Limited and the Registrar to this issue is Cameo Corporate Services Ltd.


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    Northern Spirits IPO Date

    The opening and the closing date of Northern Spirits IPO is Mar 22, 2019 – Mar 27, 2019.


    Northern Spirits IPO Subscription

    Day / DateQIBNIIRIITotal Subscription
    1st Day – Mar 220.53x0.04x0.28x
    2nd Day – Mar 251.01x0.14x0.57x
    3rd Day – Mar 261.33x0.38x0.86x
    4th Day – Mar 271.83x0.77x1.30x
    Shares Offered or Net Issue2,043,0002,043,0004,086,000

    The shares subscribed by the public will be updated herein on a daily basis, once the IPO is open for subscription.


    Northern Spirits IPO Allotment Status

    Here, you can find the Allotment Status of this IPO.


    Northern Spirits IPO Price Band

    The face value of each share is Rs 10, but the cash price of the IPO is Rs 43.


    Northern Spirits IPO Equity Share Offering

    Initial public offer of up to 43,02,000 Equity Shares of Face Value of Rs. 10/- each.


    Northern Spirits Limited – Company Overview

    Northern Spirits Limited is engaged in the liquor business. Northern Spirits is engaged in the business of importing and distribution of Whisky, Vodka, GIN, Red and white wine, Beer, tequila etc.

    Northern Spirits has chosen New Delhi (NCR) as its business capital, the place that constantly brews promises for the liquor entrepreneurs. This Company has been enjoying a business growth of around 40% YOY for last 4 years. Northern Spirits has crafted the International Brand Space for itself with all these resources and has ventured into market of New Delhi.

    It has opened up big opportunities to distribute brands across high consumption states and union territories of:

    • Chandigarh
    • Uttar Pradesh
    • Himachal Pradesh
    • Punjab

    The Company is promoted by Mr. Kulbir Bakshi, Mr. Anuj Bakshi and Mr. Ankush Bakshi and are the guiding force behind the growth and strategic decisions of the Company.

    Competitive Strengths of Northern Spirits Limited:

    • Established and proven track record;
    • Leveraging the experience of the Promoters; 
    • Experienced management team and a motivated and efficient work force;
    • Cordial relations with the customers
    • Quality Assurance & Control

    Business strategies of Northern Spirits Limited:

    • Focus on Enhancing the Project Execution Capabilities
    • Enhancing Operating Effectiveness and Efficiency
    • Continue to Build-Up a Professional Organization
    • Capture the High Growth Opportunities in the foreign liquor industry

    Northern Spirits Limited – Financial Statements

    A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:

    Financial Summary:

    On the basis of Standalone statement:-

    Amount (in INR & Lakhs)
    31-Jun-1831-Mar-1831-Mar-1731-Mar-1631-Mar-15
    Total Assets7692.552040.781255.15784.12463.74
    Total Revenue4,866.172589.281736.42339.81167.14
    Total Expense4,484.542450.591670.77390.55155.76
    Profit After Tax275.44100.6353.23(50.85)9.62

    Earnings per Equity Share (in Lakhs)

    31-Aug-1831-Mar-1831-Mar-1731-Mar-1631-Mar-15
    Basic & Diluted2.3412.8313.14(16.12)64.19

    From the above statements, one could find that the Northern Spirits Limited may perform well.


    Northern Spirits IPO – Promoters

    The Promoters of this company are:

    • Mr. Kulbir Bakshi,
    • Mr. Anuj Bakshi
    • Mr. Ankush Bakshi

    List of Related Parties (Key Managerial Personnel)

    • Mr. Ankush Bakshi
    • Ms. Nikita Sureka
    • Mr. Amit Kumar

    Interest in promotion of the Company

    Company is currently promoted by the Promoters in order to carry on its present business. Promoters are interested in the Company to the extent of their shareholding and directorship of the Individual Promoter in the Company and the dividend declared, if any, by the Company. The Promoters are interested in the transactions entered into the Company and the Promoter Group.

    Property Interest

    The promoters along with the promoter group will continue to hold collectively some percentage of the equity share capital of the company. As a result of the same, they will be able to exercise significant influence over the control of the outcome of the matter that requires approval of the majority shareholders vote.

    Interest in Intellectual Rights of the Company

    Promoters has not shown any interest in acquiring the intellectual rights of the company.


    Northern Spirits IPO Offer Details or Issue Details

     Particulars No. Of Equity Shares
    Equity Shares Issued:
    Public  Issue  of  Equity  Shares  by  the 
    Company 
    43,02,000 Equity Shares of Face Value of Rs. 10/- each
    of which
    Issue  Reserved  for  the  Market
    Makers 
    2,16,000 Equity  Shares  of  Rs.10/-  each
    Net Issue to the Public*40,86,000 Equity Shares of Rs.10/- each
    Of which
     Retail Investors Portion 20,43,000 Equity Shares of Rs.10/- each for cash at a price of Rs. [●] per share ( including a premium of Rs. [●]  per Equity Share) will  be  available  for  allocation  for  allotment  to  Retail  Individual Investors of up to Rs.2.00 Lakhs
     Non-Retail Investors Portion 20,43,000 Equity Shares of Rs.10/- each for cash at a price of Rs. [●]  per share ( including a premium of Rs. [●] per Equity Share) will be available for allocation for allotment to Other Investors of above Rs.2.00 Lakhs
    Equity  Shares  outstanding  prior  to
    the Issue 
    1,17,49,200 Equity Shares of face value of Rs.10/- each 
    Equity  Shares  outstanding  after  the
    Issue 
    1,60,51,200 Equity Shares of face value of  Rs.10/- each 

    Northern Spirits IPO Issue Object

    These are the IPO Issue Objects of the company

    • Funding the Working Capital requirements of the Company:
    •  Repayment/ pre-payment of certain unsecured loans availed from banks and financial institutions by the company; and
    •  General Corporate Purposes

    Northern Spirits IPO – Basis of the Offer Price

    The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

    Qualitative factors are:

    • Established and proven track record;
    • Leveraging the experience of their Promoters; 
    • Experienced management team and a motivated and efficient work force;
    • Cordial relations with their customers
    • Quality Assurance & Control

    The relevant quantitative factors are:

    Basic & Diluted EPSRONW in %NAV (Rs.)
    31-Mar-14014.75 
    31-Mar-15157.9164.19 
    31-Mar-16(16.12)(49.16)
    31-Mar-1713.1433.98
    31-Mar-1812.8316.30
    51.23
    • Price to Earnings (P/E) ratio in relation to Issue Price of [●] per Equity Share of face value of Rs. 10 each
    ParticularsP/E ratio
    Highest[●]
    Average[●]
    Lowest[●]
    • Competitive Peers:

    They believe that none of the listed companies in India offer products or services across the various business segments in which they operate. Hence a strict comparison is not possible.


    Northern Spirits IPO Lead Managers

    Lead Managers
    Finshore Management Services Limited
    Anandlok, Block-A, 2nd Floor, Room No. 207,
    227 A.J.C. Bose Road,
    Kolkata-700020, India
    Telephone: +91-33-22895101
    Facsimile: +91-33-22895101
    Email: ramakrishna@finshoregroup.com
    Investor grievance email: info@finshoregroup.com
    Contact Person: Mr. S. Ramakrishna Iyengar
    Website:www.finshoregroup.com
    SEBI Registration Number: INM000012185

    Northern Spirits IPO Registrar to offer

    Registrar to the Offer
    Cameo Corporate Services Ltd.
    “Subramanian Building”, #1, Club House Road,
    Chennai 600 002
    Telephone: 044 – 2846 0390, 2846 0425
    Facsimile: 044 – 2846 0129
    Email: rdr@cameoindia.com
    Contact Person: Mr. R.D. Ramasamy, Director
    Website: www.cameoindia.com
    SEBI Registration Number: INR000003753

    Other Details:

    • Statutory Auditor – M/s. Agarwal Saha & Associates, Chartered Accountants
    • Peer Review Auditor – M/s. J K Sarawgi & Company Chartered Accountants
    • Bankers to the Company – DBS Bank

    Northern Spirits IPO Review by Top 10 Stock Brokers

    Top Stock Brokers ReviewCompany ReputationCompetitive EdgeFinancial StatementPopularity IndexPromoters Reputation
    Angel Broking7.5/107.4/108.5/108.1/107.1/10
    Sharekhan7.2/107.1/108.6/108.1/107.2/10
    Kotak Securities7.3/107.5/108.4/108.1/107.3/10
    ICICI Direct7.3/107.3/108.7/108.1/107.1/10
    IIFL7.5/107.2/108.8/108.0/107.1/10
    Edelweiss7.5/107.4/108.4/108.3/107.2/10
    Zerodha7.4/107.1/108.5/108.1/107.0/10
    5Paisa7.1/107.1/108.4/108.1/107.1/10
    Karvy7.4/107.3/108.2/108.1/107.1/10
    Motilal Oswal7.1/107.1/108.6/108.3/107.2/10

    Northern Spirits IPO Grey Market Premium

    The Northern Spirits IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X. 


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